Brazil's inflation has shown more downside surprises than analysts had expected, but remains above target and is being driven by strong demand, requiring contractionary monetary policy for a "very long" period,

Brazil's Central Bank on Wednesday held its benchmark interest rate steady at 15 percent, citing "uncertainty" as the United States announced punishing tariffs on the South American economic powerhouse.

The Reserve Bank of Australia is widely expected to reduce the cash rate by 0.25 percentage points to 3.6% at its August meeting, offering relief to mortgage holders amid signs of cooling inflation. Such a move would mark the central bank’s first cut in more than a year and could save homeowners with a $600,